consortium

Ambassador optimistic over LNG terminal

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Ambassador optimistic over LNG terminal

The liquefied natural gas (LNG) terminal in Cyprus is expected to be completed by the end of the year, as stated by China’s ambassador to Cyprus. The project, located at Vasiliko, had been delayed due to a dispute but has now resumed. The floating, storage, and regasification unit (FSRU) for the project is more than 99% complete and is in Shanghai, with delivery to Cyprus expected by April or May. The land-based infrastructure at Vasiliko is 50% complete. The completion of this project is anticipated to lower the cost of generating electricity in Cyprus and strengthen the relationship between Cyprus and China.

Fake diplomas scandal in north spreads to military

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Fake diplomas scandal in north spreads to military

The Turkish Cypriot community is facing a scandal involving fake university diplomas and corruption, which has now affected the security forces’ command. Lieutenant Colonel Özgür Alp was remanded in custody for using a fake diploma for promotion within the Turkish military. The fake diploma was claimed to be from the Cyprus Health and Social Sciences University in Morphou. A high-ranking police officer, Serif Avcil, was also arrested over a fake diploma. This scandal is part of larger issues involving the KSTU university in Morphou, with allegations of embezzlement and fraud through fake student registrations and diplomas. The university is owned by Levent Uysal, a deputy in the Turkish Grand National Assembly. Celebi Ilik, involved in the scandal, used fake diplomas for civil service promotions and is facing charges related to forgery. Uysal attempted to obtain a €45 million loan from Swiss IntaCapital bank with fake documents in 2022 but avoided judicial proceedings by getting elected to parliament in May 2023. Turgay Avci, chairman of the Turkish Cypriot higher education watchdog Yodak, is under investigation for possibly having a fake diploma. There are also allegations against Dunya Baris Universitesi for operating illegally and investigations into irregularities in a real estate purchase by Altinbas Holding. Ali Altınbaş and Sofu Altınbaş were detained in September 2020 for involvement in a fuel profiteering network and accused of establishing a criminal organisation, aggravated fraud, and forgery.

Our View: Finally something positive to say about LNG plant

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Our View: Finally something positive to say about LNG plant

The government and the CPP-Metron Consortium Ltd (CMC), contracted for the construction and operation of the Vasiliko LNG terminal, have mended their relationship after previously heading towards a costly separation. Energy Minister George Papanastasiou had considered terminating the contract with CMC due to their work stoppage at Vasiliko since the end of January and a €200 million claim against Cyprus at a London arbitration court for higher costs and alleged failure by the project manager, Etyfa, to fulfill its obligations. A meeting between CMC representatives and Papanastasiou resolved differences, and President Nikos Christodoulides subsequently inspected the project site. CMC expressed gratitude for the meeting, highlighting prior unaddressed meeting requests with Etyfa. The energy ministry will now directly manage the project, sidelining Etyfa due to its inadequate response and unclear project instructions, and will establish a body for project monitoring and a group for dispute resolution. The financial disputes remain unresolved but will be addressed by Defa and Etyfa, who had signed the contracts with CMC. The project is set to proceed, with CMC bringing in 120 workers from China with the necessary expertise, aiming for completion by the end of the year.

Christodoulides visits LNG terminal as work restarts

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Christodoulides visits LNG terminal as work restarts

– President Nikos Christodoulides visited the liquefied natural gas (LNG) terminal to mark the restart of construction work.
– The government aims to reduce electricity prices, with the LNG terminal’s operation playing a key role in this effort.
– Other actions to reduce electricity costs include renewable energy sources and a proposed electrical interconnector connecting Cyprus, Greece, and Israel.
– Construction of the terminal is set to recommence, confirmed by Energy Minister Papanastasiou after a meeting with the Chinese-led CPP-Metron Consortium Ltd (CMC).
– The ministry has not entered any new contractual obligations as the meeting was between the ministry and CMC, without the involvement of the Natural Gas Infrastructure Company (Etyfa) and the Natural Gas Public Company (Defa).
– An action group will be created to monitor the project from the ministry’s perspective.
– The floating storage and re-gasification unit, part of the terminal’s contract signed in 2019, is almost complete and will be discussed further via a video call.
– The goal is to reduce the cost of electricity production in Cyprus by switching to natural gas, which is more environmentally friendly and expected to reduce the cost of pollutants by about 40%.

LNG terminal construction in Vasiliko to resume (updated)

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LNG terminal construction in Vasiliko to resume (updated)

The CPP-Metron Consortium Ltd (CMC) is scheduled to resume construction of an LNG terminal in Vasiliko over the upcoming weekend. This decision was made after a meeting between CPP representatives from China and Energy Minister George Papanastasiou. The meeting, described as ‘productive’, focused on the relationship between the two sides rather than the differences regarding the project’s execution. CMC plans to bring personnel from China for the project, and the Cypriot side has agreed to facilitate this by issuing visas. The General Manager of CPP expressed gratitude towards the minister for his positive approach towards completing the project. Construction is set to restart on the morning of 16 March 2024. The government had previously considered terminating the deal due to a dispute that led to the halting of construction in late January and a claim for €200 million from Cyprus by the consortium in a London court.